COS reports EUR 29 million business volume in 2023

COS, one of the leading integrated fit-out services providers and pioneer of this segment in Romania, reports EUR 29 million business volume in 2023. While the office market is characterized by reduced new supply added to modern office stock, the company consolidates its cross – sectorial activity and its national footprint, while diversifying its revenues.

This year, companies invested significantly in refurbishing their office interior spaces, on grounds of high share of contract lease renewals on the market and reduced new office supply[i], in order to promote in-office work and employees` engagement in the post – pandemic period. 32 percent of the total volume of projects delivered by COS are refurbishments, an increase by 7 percentage points versus the previous year, while 50% of the total revenue is generated by construction services. The rest of COS` business volume is related to sales of furniture and carpet from global brands and locally-sourced customized furniture.

Emerging sectors such as healthcare, hospitality, education and industrial continued their investments in interior fit-out, with COS having delivered in 2023 the new children`s hospital built by Give Life/ Daruieste Viata Association at Marie Curie, the new Radisson BLU hotels in Brasov and Bucharest and various interior spaces for ASE and Babes Bolyai universities in Cluj and Bucharest. In the industrial segment, COS doubled its volume of office deliveries, in locations such as Oradea (Plexus), Timisoara (Hirschmann Automotive, Hamilton, Continental) or Iasi (Trutzi).

The average investment in interior fit-out (design and built environment, including construction services, ready made and custom made furniture, flooring) ranges between 700-900 EUR/sqm, peaking up to 1.100 EUR / sqm for premium level. A 15-20 percent increase is registered as compared to the previous year, on grounds of inflation, salaries and raw materials, products and transportation price increase.

In 2023, COS increased its revenue stream from its owned shared serviced offices, MASIA (Bucharest) and Stables (Cluj), reaching EUR 0,6 million euros, up by 60% versus the previous year. COS` own spaces portfolio currently reaches a total of 4,200 sqm in 4 locations in Cluj, Bucharest, Timisoara and Iasi.

“On grounds of effervescent activity in the business environment, with most leaders focused on increasing the workplace performance and employee engagement, COS continued its investment strategy aimed at delivering real added value on the market, excellent customer service and streamlining its operational capabilities,” highlights Christophe Weller, founding shareholder and CEO of COS.